Nigeria Maritime Online

The recent announcement by the Minister of Transportation, Honourable Rotimi Amaechi, that the presidency had suspended disbursement of the N136.5bn Cabotage Vessel Financing Fund (CVFF) seems to have put Nigeria’s participation in the Transportation sector of the African Continental Free Trade Area (AfCFTA) in jeopardy.

Recall that while flagging off the wreck removal exercise by NIMASA in Lagos, Amaechi had told bewildered guests at the event that due to lack of unity among indigenous ship owners. The Cabotage Vessel Financing Fund(CVFF) was established under the Cabotage and Inland Shipping (Cabotage) Act 2903, to provide finance to indigenous ship-owners to maintain their vessels or purchase new ones.

Reacting to the Minister of Transportation statement that President Muhammadu Buhari has suspended the planned disbursement of the fund, Secretary- General of the African Shipowners Association (ASA) Ms Funmi Folorunso warned that Nigeria stands to loose a lot if she goes into AfCFTA without a vibrant Transportation mode.

According to her ” If the Honourable Minister says Mr.President has withdrawn the approval for the disbursement of the CVFF fund that is a cause for concern for her in particular as Co-champion of AfCFTA. She further emphasised that if the President indeed suspend the disbursement it means there should be a call for action among Nigerian Shipowners because such decision will affect us internationally ”